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cover of episode How Do We Define a Currency?

How Do We Define a Currency?

2025/5/31
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Odd Lots
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I
Iñaki Aldasoro
R
Rebecca Spang
S
Stefan Ingves
Topics
Stefan Ingves：货币是一种社会习俗，存在于人们的认知中，并随着技术发展而演变。它既是抽象的，又与人们的触觉体验相关联。货币可以从微观、宏观以及金融层面进行讨论。区分公共部门货币和私人部门货币很重要，货币政策也与如何在这种双重环境中实施货币控制有关。维持货币控制需要公共部门和私人部门货币之间存在一对一的汇率，否则整个体系会崩溃。货币可以分为前端货币（我们看到的和使用的）和后端货币（最终是中央银行货币）。尽管技术在变化，但货币的本质问题并没有改变。未来，我们需要重新思考如何在无纸化的环境中重建货币的“货币性”。货币与国家紧密相连，议会和政治家对货币有自己的看法。各国对央行数字货币的看法不同，现在判断哪种模式会成功还为时过早。我们需要重新定义国家在货币领域中的角色，这将影响各国货币政策的执行方式。货币的关键在于稳定性和交易效率。未来货币的使用将由IT、法律框架和经济学家共同定义。

Deep Dive

Chapters
This chapter explores the multifaceted definition of money, drawing on the expertise of economists from different backgrounds. It emphasizes money's social nature and its evolution across various technologies, from physical gold to digital representations.
  • Money is a social convention, evolving from tangible objects to digital abstractions.
  • The distinction between public and private sector money is crucial for monetary control.
  • New technologies bring old issues to the forefront, highlighting the ongoing need to redefine the role of the state in the monetary landscape.

Shownotes Transcript

What is a currency? This turns out to be one of those questions we just kind of skip over because we don't have clear answers to it (and because economists often like to skip over these foundational things). This special episode of the Odd Lots* podcast was recorded as part of Princeton University's “How to Write the Biography of a Currency” event**, hosted by the Princeton Economic History Workshop and the Julis-Rabinowitz Center for Public Policy & Finance. In this discussion, we talk about how we should define a currency and how that definition has changed (or not) over time. Our panelists were Iñaki Aldasoro, an economist at the Bank for International Settlements, Indiana University Bloomington Professor Rebecca Spang, and Stefan Ingves, the former head of the Sveriges Riksbank, the central bank of Sweden, from 2006 to 2022. Read more:Dollar Drops on Renewed Trade Uncertainty, Soft Economic Data)Asia’s $7.5 Trillion Bet on US Assets Is Suddenly Unraveling) Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News) subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots)

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